Apple is putting its money where its mouth is when it comes to fighting climate change.
This morning, the iPhone maker issued a new $1 billion bond on with a special rule that proceeds raised from the bond sale will go towards investment in renewable energy projects.
The $1 billion bond is similar to the $1.5 billion worth of bonds Apple issued in 2016 to promote green energy. Apple’s bond sale was arranged by Band of America, Goldman Sachs and JPMorgan Chase.
According to a source that spoke to Bloomberg, the bonds will mature in 2027, yielding 95 to 100 basis points more than Treasuries.
Apple’s VP of environment policy, Lisa Jackson, will approve projects funded by the bond. Funds will likely go to solar and wind farms, as well as new green buildings.
Creating a “closed-loop supply chain” is one of the specific goals listed in Apple’s bond offering. The company is aiming to make all of its products using only recycled or renewable materials, though it hasn’t set any specific goal dates of when it hopes to achieve this.